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Bid To Liquidate Northern Crest Investments Fails

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 9 NZPA - A bid to liquidate the Blue Chip property scheme's surviving investment vehicle, Northern Crest Investments (NCI), has failed.

An application by the Registrar of Companies to have NCI wound up was dismissed in the High Court in Auckland yesterday, The Dominion Post reported.

Justice Peter Christiansen said the picture had changed markedly since proceedings to liquidate NCI were first brought.

Those proceedings were based on claims NCI traded while insolvent, and persistently or seriously failed to keep accounting records.

The company was proposing to migrate to Australia and the court had confidence the regulating authorities in Australia could protect against the issues raised in the proceeding, Justice Christiansen said.

On the face of it there were good reasons for the Registrar's claims, particularly the position of Mark Bryers as a sole director and major debtor of the company.

But Mr Bryers -- the founder of Blue Chip -- had since stepped down as a director of NCI.

The New Zealand Herald reported that Blue Chip liquidator Jeff Meltzer told the court he supported a plan NCI's new directors had come up with to help Blue Chip victims.

Mr Meltzer is in charge of handling the winding up of more than 20 companies in the failed property investment group.

NZPA WGT mjd nb

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